The Securities and Exchange Commission has not necessarily reviewed the information in this filing and has not determined if it is accurate and complete.
The reader should not assume that the information is accurate and complete.

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 13F

FORM 13F INFORMATION TABLE
OMB APPROVAL
OMB Number: 3235-0006
Estimated average burden
hours per response: 23.8
COLUMN 1 COLUMN 2 COLUMN 3 COLUMN 4 COLUMN 5 COLUMN 6 COLUMN 7 COLUMN 8
VALUE SHRS OR SH/ PUT/ INVESTMENT OTHER VOTING AUTHORITY
NAME OF ISSUER TITLE OF CLASS CUSIP (x$1000) PRN AMT PRN CALL DISCRETION MANAGER SOLE SHARED NONE
ALLY FINL INC COM 02005N100 5,841 300,000 SH   SOLE   300,000 0 0
ASHFORD HOSPITALITY TR INC COM SHS 044103109 3,569 605,996 SH   SOLE   605,996 0 0
BARCLAYS BK PLC IPATH S&P500 VIX 06740Q252 5,451 160,000 SH Call SOLE   160,000 0 0
CENTRAL EUROPEAN MEDIA ENTRP CL A NEW G20045202 4,981 2,156,453 SH   SOLE   2,156,453 0 0
COLONY CAP INC CL A 19624R106 2,509 137,650 SH   SOLE   137,650 0 0
GOLAR LNG LTD BERMUDA SHS G9456A100 18,821 887,787 SH   SOLE   887,787 0 0
GRAMERCY PPTY TR COM 385002100 3,856 400,000 SH   SOLE   400,000 0 0
HORNBECK OFFSHORE SVCS INC N COM 440543106 2,200 400,000 SH   SOLE   400,000 0 0
INDEPENDENCE RLTY TR INC COM 45378A106 2,340 260,000 SH   SOLE   260,000 0 0
JRJR33 INC COM 46645Q106 635 529,440 SH   SOLE   529,440 0 0
LIBERTY GLOBAL PLC LILAC SHS CL C G5480U153 4,909 175,000 SH   SOLE   175,000 0 0
LIBERTY INTERACTIVE CORP LBT VENT COM A 53071M880 3,987 100,000 SH   SOLE   100,000 0 0
LIBERTY MEDIA CORP DELAWARE COM A BRAVES GRP 531229706 4,886 280,000 SH   SOLE   280,000 0 0
OVERSEAS SHIPHOLDING GROUP I CL A NEW 69036R863 14,492 1,371,083 SH   SOLE   1,371,083 0 0
TURNING PT BRANDS INC COM 90041L105 5,590 465,034 SH   SOLE   465,034 0 0
WHEELER REAL ESTATE INVT TR PFD CNV SER D 963025606 357 14,000 SH   SOLE   14,000 0 0